Opening the general public to potentially fraudulent, and certainly risky, investments is a dangerous policy. Most Americans will not understand the risks and deceptions involved in such investments, as our history demonstrates.

Opening us to such advertisements without ensuring that the potential investors are actually "accredited investors" further endangers the general public. Those offering such private investments will face tremendous moral hazards. Some will undoubtedly surrender to those moral hazards and skimp on ensuring investors are really properly accredited, as the law requires.

Protect citizens and our economy from these dangers and at least establish effective regulations on establishing who are "accredited investors" and penalties for companies that accept investors inappropriately.